Indonesia Confident in Its Domestic Crypto: Ministry

TheIndonesia.co - Indonesia said it’s confident about the growth potential of its domestic cryptocurrency as authorities continues to closely monitor the industry and its players.

Acting head of the Commodity Futures Trading Regulatory Agency (Bappepti) at the Ministry of Trade Indrasari Wisnu Wardhana said the potential of and innovations made by local players in crypto market in Indonesia are promising and expected to continue growing.

“In the last few years, a number of local crypto assets have been launched to a number of global markets, and some of them are registered in Bappebti Regulation No. 7/2020,” Wardhana said on Monday, February 21, as reported by Antara.

However, he reminded that while the advancement of domestic crypto must be supported and encouraged, all tokens must be registered within the Agency’s system to enforce monitoring and, subsequently, ensure consumer protection.

Bappebti Regulation No. 7 of 2020 on Determining the List of Crypto Assets that could be Traded in Crypto Asset Physical Market has been launched to regulate crypto assets that could be traded domestically, while Regulation No. 8 of 2021 states the conditions of crypto assets that could be traded in Crypto Asset Physical Market.

Wardhana called for all parties and players involved in the crypto market to refer to and comply with the applicable regulations set out by the Indonesian government.

According to the Agency, there are currently 229 registered crypto assets, and the figure is likely to increase, including the domestic ones.